India’s steel industry, the world’s second-largest, faces a looming threat as the EU ramps up carbon regulations with the Carbon Border Adjustment Mechanism (CBAM) starting in 2025, fully effective by 2034. With 25% of its steel exports destined for Europe, India risks steep penalties—up to $397 per tonne by 2034—due to its carbon-intensive production, per Rystad Energy.
Carbon Rules
This could erode its market edge, favoring competitors like South Korea and Turkey. Transitioning to greener tech like hydrogen is urgent but costly. Quote: “Reducing carbon emissions could become a competitive necessity as buyer sentiment evolves,” says Alistair Ramsay, Rystad Energy VP.
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